ICICI Lombard is a well-known insurance company that offers a range of car insurance policies in India to suit different needs and budgets. The price of ICICI Lombard car insurance can vary depending on various factors such as the type of policy, the age of the car, the engine capacity of the car, and the location where the car is registered. The cost of ICICI Lombard car insurance varies depending on the type of policy that you choose to buy. To provide a general idea of ICICI Lombard car insurance prices in India, here is a price list for different types of car insurance policies offered by the company:
- Third-party Liability Insurance - Starts from around Rs. 1,800 per year
- Standalone Own Damage Insurance - Starts from around Rs. 3,500 per year
- Comprehensive Car Insurance - Starts from around Rs. 6,000 per year
It's important to note that the above prices are indicative only and may vary depending on the specific details of your car and your insurance requirements. Factors such as the age and make of the car, the location where it's registered, and the coverage amount required can impact the premium price of the insurance policy. Additionally, add-on covers and discounts may also affect the overall price of the policy.
In summary, the price of ICICI Lombard car insurance policies in India can vary depending on several factors. It's important to carefully review the policy details and consult with your insurance provider to determine the best coverage and price for your specific needs.
Types of ICICI Lombard Car Insurance:
ICICI Lombard car insurance policy is an agreement between the insurance company and the customer in which the insurance company settles the loss or damages incurred due to an accident in return for a nominal premium to be paid by the customer to the insurance company. ICICI Lombard four wheeler car insurance policies are designed to ensure that your car is protected from the damages caused as a result of perils mentioned in the policy document. Below are the perils covered under ICICI car insurance policy:-
1) Own Damage Section:
- Damage due to Fire, Explosion, Self-Ignition or Lightning.
- Burglary or House breaking or Theft.
- Damage due to Riot and Strike.
- Malicious damage
- Earthquake including Fire & Shock
- Damage due to Natural peril of Act of God such as Flood, Storm, Hurricane etc.
- Damage due to accidental external means
- Damage due to Terrorist activity.
- Damage caused to the car while in Transit by Rail, Road, and Inland waterway, Lift, Elevator or Air.
- Damage due to Landslide / Rockslide.
2) Third Party Section:
- Legal liability arising out of bodily injury / death of third parties involved in an accident with the insured car.
- Legal liability of the insured at the time of third party injury would be covered by the ICICI Lombard general insurance company under the third party section after if the policy is valid.
- Property damage of third parties caused due to an accident involving the insured four wheeler car.
3) Personal Accident Cover:
Personal accident cover compensates in the event of death or disability of the owner/driver due to an unfortunate incident while travelling on the insured four wheeler car. The compensation under the personal accident cover of ICICI Lombard car insurance policy would not exceed Rs.15 Lakh.
The compulsory personal accident cover covers the death or disability of the owner/driver of the vehicle due to any accident up to the limit of Rs.15 Lacs as mentioned in the policy. The personal accident cover is mandatory for every vehicle as per the ruling of the Supreme Court and the coverage would remain same for every insurance company.
4) Only Third party/ Act only/ Liability Only:
ICICI Lombard third party car insurance policy covers the legal liability arising out of bodily injury or death of third parties involved in an accident with the insured vehicle. In addition to this it also covers the third party property damage caused due to an insured four wheeler car. The third party car insurance is mandatory as per the Motor vehicles Act to ply on public roads without which the driver/owner may be fined up to Rs.5000 or imprisonment up to 3 months or both. The third party car insurance premium of ICICI Lombard can be calculated online, which includes the personal accident cover to owner driver up to INR 15 L.
5) Comprehensive car insurance:
The comprehensive car insurance from ICICI Lombard includes the Own damage section as well as the Third party section. Own damage section covers the loss or damage to the four wheeler car due to an insured peril such as Fire, Theft, Act of God, Malicious damage etc., acting at the time of damage. ICICI Lombard comprehensive car insurance is also known as Full insurance in the market as it covers both the First party as well as the Third party. ICICI Lombard comprehensive car insurance policy can be purchased online by entering the basic details such as Make and model of the four wheeler cars, date of registration and RTO.
6) Comprehensive with Add-ons:
ICICI Lombard insurance company provides the option of add-ons with the comprehensive cover to its customers. There are almost 7 add-ons which can be opted by the customer at the time of policy purchase. Depreciation shield covers the cost of depreciation on the repair or replacement parts at the time of claim settlement without which the customer would be liable to pay the depreciation costs. Consumables such as Engine oils, Air filters, AC oil etc., would be replaced at the time of claim and are paid under this add-on.
ICICI Lombard Car Insurance Add-ons:
ICICI Lombard car insurance policy offers extra coverage to your car in the form of add-ons or riders on payment of extra premium at the time of policy purchase. The list of add-ons offered by the ICICI Lombard car insurance policy is mentioned below:
a) Zero Depreciation:
Depreciation is the reduction in the value of an item or part over a period of time due to the usage. The wear and tear results in the reduction of an item’s value which is known as depreciation. Under this add-on the insurance company will cover the depreciation amount on the assessed damaged parts pertaining only to the applicable damaged parts category as per the plan opted by the customer. Cover/Benefits under this plan would be as per the plan and the co-payment if any opted would be calculated at the time of claim settlement.
b) Engine Protect Plus:
c) Consumable Items:
- Water ingression
- Leakage of lubrication oil
- Damage to gear box
- Undercarriage damage
- Consequential Damage
“Consumables” shall mean any item or substance of Insured Vehicle which is not damaged in the Accident and has limited life or has been consumed completely/partially during their usage and deemed to be unfit for reuse and needs replacement to complete the vehicle repair. Such as bolt, screw, nut, engine oil, gear box oil, power steering oil, coolant, AC gas oil, brake oil, AC refrigerant, battery electrolyte, windshield washer fluid, radiator coolant, oil filter, fuel filter, bearings, washers, clip, rivets and items of similar nature excluding fuel.
d) Roadside Assistance:
e) Key Protect:
- Towing on breakdown/accident
- Breakdown support over phone
- Arrangement/ Supply of fuel
- Emptying of fuel tank
- Arrangement of keys
- Battery jump start
- Message Relay
- Flat Tyre
- Minor Repairs
- Arrangement of rental vehicle
- Arrangement of Accommodation
- Referring a Legal Advisor
- Referring a Hospital
- Taxi Benefits
- Accommodation Benefits
ICICI Lombard undertakes to pay up to an amount as stated in the Schedule, to indemnify the Insured for the cost incurred towards repairing/replacing the car keys and / or locks and/ or lockset, including the locksmith charges, upon the occurrence of theft/burglary/ loss of or damage to the keys and /or lock and /or the lockset of the Insured’s vehicle, during the Policy Period. Provided always that:
f) Tyre Protect:
Under this add-on the ICICI Lombard insurance company will reimburse the:-
g) Return to Invoice:
- Cost of replacing the damaged tyre(s) with a new equivalent or near equivalent tyre(s) of make model and specification similar to the one being used in the Insured vehicle at the time of availing Car insurance/at the time of accident/damage to the tyre
- Labour charges toward removing & refitting of the tyre
- Charges towards wheel balancing, as may be necessitated, arising out of accidental loss or damage to Tyre & Tubes of the insured Vehicle making the tyre unfit for use due to a bulge in the tyre, bursting of tyre and cut or damage to the tyre.
In the event of the insured vehicle being a Total loss/ Constructive total loss/ Total Theft, then the ICICI Lombard insurance company may compensate the insured in any of the below ways:-
h) Loss of Personal Belongings:
- The Company hereby undertakes to pay the Sum Insured under this add-on, determined as the difference between the Insured’s Declared Value (IDV) of the insured vehicle and the total actual expenses incurred towards acquisition of a new vehicle of similar make and model to the insured, as specified in the on-road price listed by the manufacturer/Dealer upon the occurrence of Total Loss / Constructive Total Loss as defined in the Policy provided always that On-road price means the actual expense incurred towards acquisition of a new vehicle and includes the value of factory fitted accessories or car dealer accessories at the time of purchase.
- On road price will also include any amount paid towards registration of the insured Vehicle, road tax and cost of insuring the vehicle. In case of obsolete models, the last selling price of the vehicle will be considered to pay the Sum Insured under this add-on Subject otherwise to the terms, exceptions, conditions and limitations of this Policy
The Company hereby undertakes to indemnify the Insured, up to an amount as stated in the Schedule, for the loss of his personal belongings, including mobile phones and /or laptops, on account of damage to or theft from the Insured’s Vehicle. Provided always that:
i) PA Cover for unnamed passengers:
- A deductible of Rs.500 would be applicable for each claim under this add-on, except when the claim is being made only for mobile phones and/or laptops.
- A First Investigation Report (FIR) is registered with the Police for such loss.
- The Company would not be liable for any loss in open top or convertible cars unless the belongings are kept in the locked boot or any loss of money, securities, cheques, bank drafts, credit or debit cards, jewellery, gems, stones, contact lens, glasses, travel tickets, watches, valuables, manuscripts, paintings, work of art or any loss of the personal belongings unless the Insured’s vehicle is locked and all doors & windows are properly fastened while unattended.
- Any loss of or damage to belongings carried in connection with any trade or business.
- Any theft from vehicles parked in no-parking zone and from un-attended vehicle after accident.
- Any claim for a laptop/mobile phone not declared at the time of Policy issuance.
- Any claim intimated to the Company after 30 days of such loss.
- Any amount more than the market value of the mobile phones or laptops as stated at the time of Policy issuance, deducted appropriately for depreciation as per the Section 32 of Income Tax Act.
The personal accident cover for unnamed passengers covers the death or disability of passengers travelling on the car at the time of accident. The maximum sum assured for personal accident cover is limited to Rs.2 Lacs per passenger travelling on the car. The PA cover for unnamed passengers would be charged based on the number of passengers mentioned in the RC copy of the car. For instance if the seating capacity is mentioned as 7 which includes the driver, then the PA cover for unnamed passengers can be taken for the remaining 6 passengers excluding the driver.
j) NCB Protect:
The No claim bonus protect add-on will help the insured protect his/her NCB even after making a claim during the previous year. Insured shall not be entitled to any No Claim Bonus, if more than three claims are lodged by the Insured during the same Policy Period.
How to Buy ICICI Lombard Policy Online?
a) PolicyBachat: The first point in selecting the best car insurance in India online is to select the best online platform. PolicyBachat is one of the leading online platforms for Car insurance premium comparison in India. We have tied up with almost ICICI Lombard which is offering the customer to choose the best option available. The vehicle insurance can be purchased using the online portal by entering the basic details such as Make, model of the vehicle, date of registration of the vehicle and the RTO details.
b) Fill the Details: Once the basic details pertaining to the car are filled ad submitted you’ll receive a call from the PolicyBachat Team. Agents here are fully trained and equipped with high knowledge to guide you to compare car insurance premium online and select the best policy. The details to be filled would be displayed on the screen for easy understanding. In case you find it difficult to calculate the premium online you can call on our toll free number 1800-123-4003 and get assistance from our motor insurance experts.
c) Ask for particulars: Our agents collect the information related to vehicle such as cubic capacity, make and model etc., to generate the car insurance quotes online. If there is any requirement from your end, you are requested to pass it to our agents so that they can generate quotes for you to compare car insurance renewal quotes online.
d) Add-ons: Add-ons or Riders are the extra coverage offered to the vehicle on payment of extra premium. The add-ons or riders such as Bumper to bumper cover, Consumables cover, Engine protection cover etc., would be available on payment of additional premium. The add-ons should be purchased at the time of taking the vehicle insurance policy online as it would not be possible for midterm addition.
e) Comparison: Once the details are filled a link to compare car insurance quotes online is sent to you on your registered email id. Using this link car insurance premium comparison can be done and the best company can be selected. Different add-ons can be opted and comparison can be made by the customer and the final coverage can be decided based on various factors such as Premium paying capacity, Cashless garages available in the area of operation etc.
f) Payment: Once the best car insurance in India is chosen with all the required add-ons then you can proceed for payment. Payment can be done with any of the means such as credit card, debit card, online payment etc. The payment can be done from any mode preferred by the customer.
g) Instant Policy: Once the payment is done the policy is generated instantly. If you face any issues at the time of payment or policy issuance our agents are here to assist you.
ICICI Lombard Car Insurance Online Purchase Process:
There are certain documents required to purchase car insurance online from ICICI Lombard general insurance company. They are mentioned below:-
- Registration certificate of the car to know the Make & model of the car, Year of manufacture of the car, RTO location, Car registration number etc.
- Previous year policy copy of the car to understand the No claim bonus available, expiry date of the policy etc.
- Nil claims declaration from customer in case of No known or reported claims in the previous year.
- You can purchase ICICI Lombard four wheeler insurance from online portal after entering the basic details such as Car registration number, Year of registration or manufacture, RTO location, Make and model of the car and previous year policy details.
At PolicyBachat.com renew an ICICI Lombard car insurance policy online is easy and quickly sitting at home. Follow the below-mentioned steps to renew your policy within 5 minutes.
- Go to 'Car Insurance Online' to compare quotes above this article. Fill in the registration number of your car and required details and tap on 'Start Save Money.
- On the quotes section, either go with your current provider or choose another one to suit your needs.
- Make the payment and you will receive the confirmation at your email address. If assistance needs Call: 1800-123-4003.
Top 6 Reasons to Purchase ICICI Lombard Motor Insurance:
a) Affordable Premiums:
Even though the premium offered by ICICI Lombard insurance company cheap compared to the competitors it doesn’t necessarily mean that there would be deficiency in the services. The reduction in premium from ICICI Lombard general insurance company can be attributed to the reduction in administrative and other commissions. The premiums of ICICI Lombard are most competitive in the insurance market with better service.
b) Faster Claim Settlement:
The claim settlement process of ICICI Lombard insurance company is quite simple and almost 90% of the reported motor claims would be settled within 30 days of reporting. There is no need to fill claim form for the claim to be processed as the details would be taken online by the insurance company.
The add-on or riders improve the chance of claim settlement in case of any type of damage to the insured car. Few add-ons such as Road side assistance, PA to paid driver etc are available even for vehicles aged more than 5 years. The add-ons such as Bumper to bumper are available for more than 5 years aged vehicles. ICICI Lombard is among the few companies in the insurance market offering add-ons for above 5 years aged vehicles.
d) Top rated company:
The policy purchase process and the claim settlement process are quite simple when compared to the other insurance companies. One biggest advantage of ICICI Lombard insurance company is that there would be no need for the customer to fill claim form in order to make a claim.
e) Customer Support:
The real use of insurance policy comes at the time of an accident and the accidents can happen at any point of time either day or night or on holidays. For this reason, the 24*7 customer support from ICICI Lombard insurance company is available to their customers. There is an efficient customer support team to assist their customers to make their claim settlement process smooth and hassle-free.
f) Cashless Claim settlement:
ICICI Lombard general insurance company has tied-up with more than 6000 garages pan India to offer cashless claim settlement facility to its customers. The cashless claim settlement facility enables to the customer to get the claims settled without paying much from his/her pocket. The cashless claim settlement facility is available for motor insurance as well as health insurance. The network garages are present all over the country and the customer can avail cashless service from anywhere.
Documents Required for Claim Settlement Process:
There are certain documents required by ICICI Lombard claims team for car insurance claim settlement process which are mentioned below:-
1. Own Damage Claim:
2. Theft Claim:
- Original policy copy and Registration copy of the car in the name of the insured. If the name of insured and name on the RC doesn’t match, claim will be denied by the insurance company.
- Valid driving licence of the driver who was driving the car at the time of accident. Claim would not be settled if the driver doesn’t have valid licence at the time of accident.
- Claim bills or estimate to be submitted to the insurance company from the garage in case of reimbursement.
- Car engine number and chassis number, Odometer reading would be verified before the claim settlement.
3. Third Party Claim:
- Copy of FIR in case of theft should be submitted to the insurance company.
- Copy of Non traceable certificate also should be submitted. If the police are not able to recover the car within 90 days of complaint then a Non traceable certificate would be provided to process the claim.
- All the other documents such as original policy copy, RC copy should be handed over to the insurance company.
- RC copy should be nullified by intimating the RTO.
- Spare keys of the car should be submitted to the insurance company.
- In case of Third party bodily injury claim, FIR should be submitted and the same needs to be intimated to the insurance company.
- Details of the other vehicle(s) involved in accident with the insured car should be mentioned in the ICICI Lombard motor claim form.
- In case of property damage claim the details of property damaged should be mentioned in the claim form.
- All other documents such as original policy copy, RC Copy, Driving licence should be submitted to the insurance company.
ICICI Lombard Motor FAQs:
Can I purchase ICICI Lombard Car insurance online?
Yes, you can purchase ICICI Lombard car insurance policy online from the online portal by entering the details of your car such as Make & Model, Year of registration, RTO location etc.
Is claim payable if I purchase insurance online?
Yes. Claim is payable if you purchase your ICICI car insurance online. Online is another mode of purchase just like offline purchase from agent or through bank. The claim process is made mostly online and hence the need to visit an office at the time of claim would be drastically reduced with the Motor on the spot feature of ICICI Lombard.
Can I renew my existing ICICI Lombard car insurance policy online?
Yes, you can renew your existing ICICI Lombard car insurance online till the vehicle reaches 15 years of age. The renewal process is quite simple which involves the customer entering the policy details and proceeding to the payment page.
My car is more than 20 years old; will ICICI Lombard insure my car?
If the age of your car is more than 20 years of age, please contact the toll free number 1800-123-4003 to get assistance from our car insurance expert. Four wheelers aged above 20 years would be insured after satisfied inspection report.
What is the claim settlement ratio of ICICI Lombard?
The ICICI Lombard car insurance claim settlement ratio is 65.77% which is considered as the best claim settlement ratio in the insurance market. The claim settlement ratio would change from time to time and the high settlement ratio indicates the high chance of your claim getting settled. More than 90% of the motor claims are settled within 30 days from the date of intimation which shows the dedication of ICICI Lombard towards claim settlement.
What are the advantages of ICICI Lombard car insurance policy if purchased online?
There are many advantages of purchasing car insurance online from ICICI Lombard general insurance company such as: Instant policy issuance, Policy purchase from your place of comfort, less paperwork, No need to visit office physically etc. These advantages make it attractive to purchase ICICI Lombard car insurance policy online
Can I get Bumper to bumper cover for my car?
Yes, you can purchase bumper to bumper cover for your car from ICICI Lombard general insurance company for cars which are aged not more than 5 years. Bumper to bumper is also known as zero depreciation cover which settles the depreciation cost at the time of a claim. Additional premium needs to be paid if you opt for bumper to bumper cover along with the comprehensive car insurance.
If I renew my car insurance with ICICI Lombard, will my NCB stay intact?
No claim bonus is given to the driver/owner of the car based on the driving behaviour and is eligible to be carried forward at the time of renewal. NCB stays intact if you renew your car insurance with ICICI Lombard even though your previous car insurance was with a different insurance company. No claim bonus becomes zero if there is any reported claim in the previous year. No claim bonus will be increasing every claim free year as per the levels mentioned in the policy terms and conditions.
Can I purchase only Third party car insurance?
Yes, only third party car insurance can be purchased as it is mandatory to have a TP insurance to drive in public places. But it is advisable to have a comprehensive car insurance policy to safeguard your financial interests. Third party car insurance premium is decided by the Government of India and is subject to change each year.
What is Comprehensive Car insurance?
Comprehensive car insurance from ICICI Lombard covers the loss or damage to the car due to any of the insured peril acting at the time of accident and the legal liability arising out of bodily injury or death of third parties due to an accident involving the insured car. Third party section also covers the property damage of third parties involved in the accident. Comprehensive car insurance includes the own damage section as well as the third party section. Add-ons can be included or excluded from the comprehensive car insurance based on the desirability of the customer.
Does ICICI Lombard offer any discount for online purchase?
ICICI Lombard offers extra discount for online purchase of car insurance. To avail extra discount on your car insurance please visit the online portal https://www.policybachat.com/car-insurance . The extra discount would be offered on the own damage section of the car insurance whereas the TP premium is pre fixed based on the cubic capacity of the car.
What type of cars/ four wheelers does ICICI Lombard insure?
ICICI Lombard insures every make and model four wheeler cars up to the age of 20 years considering the date of registration. Any model car insurance can be purchased online from ICICI Lombard general insurance company. For vehicles more than 20 years of age, please contact our car insurance expert who will assist you with your car insurance renewal from ICICI Lombard general insurance company.
What is the Sum Insured in my Car insurance policy?
The Insured Declared Value (IDV) of the vehicle will be deemed to be the sum insured for the purpose of the policy which is agreed at the commencement of each policy period for the insured vehicle. The maximum liability of the insurance company in case of an accident would not exceed the insured declared value mentioned in the policy copy. The insured declared value will be agreed by both the parties before the commencement of the risk.
The IDV of the vehicle is fixed on the basis of Manufacturer’s selling price of any particular brand of car and is adjusted for depreciation each year. The schedule of age wise depreciation is shown below:-
|Age of the Vehicle
||% of IDV depreciation
|Not exceeding 6 months
|Exceeding 6 months but not exceeding 1 year
|Exceeding 1 year but not exceeding 2 years
|Exceeding 2 years but not exceeding 3 years
|Exceeding 3 years but not exceeding 4 years
|Exceeding 4 years but not exceeding 5 years
How is deprecation calculated in ICICI Lombard car insurance policy?
Depreciation is the decrease in the value of the parts of car as a result of wear and tear of the car over a period of time. The depreciation factor is taken into consideration at the time of claim settlement by the insurance company. The percentage of depreciation is different for different parts of the car which are mentioned below:-
|Type of part
||% of Depreciation
|Rubber/ nylon / plastic parts, tyres and tubes, batteries and air bags
|Fibre glass components
- In the case of painting, depreciation rate of 50% shall be applied only on the material cost of total painting charges. In case of a consolidated bill for painting charges, the material component shall be considered as 25% of the total painting charges for the purpose of applying the depreciation.
- Rate of depreciation for all other parts including wooden parts would be as per the below table:
|Age of the Vehicle
||% of IDV depreciation
|Not exceeding 6 months
|Exceeding 6 months but not exceeding 1 year
|Exceeding 1 year but not exceeding 2 years
|Exceeding 2 years but not exceeding 3 years
|Exceeding 3 years but not exceeding 4 years
|Exceeding 4 years but not exceeding 5 years
|Exceeding 5 years but not exceeding 10 years
|Exceeding 10 years
How to reduce my car insurance premium with ICICI Lombard car insurance policy?
ICICI Lombard provides special discounts to customers in the below cases and the car insurance premium can be reduced by following the below tips:
- Automobile Association membership reduces the premium to be paid by the customer for car insurance policy.
- Fitting an Anti theft device such as GPS, Steering Lock, Tyre Lock, Burglary alarms etc., can reduce the car insurance premium considerably.
- Opting for higher voluntary deductibles can also reduce the car insurance premium to be paid by the customer.
- Restricting the third party property damage limit can also reduce the premium to be paid by the insured.
What is Cover Note in ICICI Lombard Car insurance?
Cover note is a temporary document issued to the customer which mentions the risk acceptance of the insurance company in return for the premium paid. The cover note is considered as a temporary car insurance policy copy. The validity of a cover note is for 90 days after which it should be renewed. The use of cover note is reduced drastically these days after the introduction of online car insurance policy issuance.
My car insurance policy has expired, how to renew?
The process of renewal of expired or break-in car insurance policy is made simple with ICICI Lombard general insurance company. A pre inspection would be carried out by a third party associated with ICICI Lombard or an inspection link would be sent to customer by ICICI Lombard to carry out the pre inspection. This process is carried out by the insurance company to understand the risk being accepted from the customer. The pre inspection is carried in the below scenarios as well:-
- Break-in insurance
- Conversion of TP insurance policy to a Comprehensive insurance policy
- Fresh Payment after cheque bounce
- Addition of add-ons which were not opted in the previous year.
- Name transfer in case of sale/ purchase of vehicle.
I have paid premium twice by mistake, how can I claim refund?
The premium towards the purchase of ICICI Lombard car insurance policy with PolicyBachat is Safe, Simple and 100% Secure. There might be instances where the amount was deducted twice for a single policy. In these cases there is no need for the customer to panic as the refund would be processed by the ICICI Lombard general insurance company. Customer can make a formal request to the insurance company for refund if the refund is not processed automatically.
What is the GST under car insurance?
Car insurance premiums attract 18% GST. The GST is calculated on the total premium which includes the Own damage premium as well as the Third party premium. The GST paid by the customer will be redirected to the government of India and doesn’t count for the premium accumulated by the insurance company.
What is the grace period in ICICI Lombard car insurance?
The grace period is the time given to the customer for premium payment to prevent the policy from lapsing thereby giving a chance to the customer to enjoy the benefits of the insurance. Unfortunately in motor insurance, there is no option of the grace period, which means that the car insurance will lapse immediately after the expiry of the policy period and requires pre-inspection before the issuance of a new policy.
What is the free look period in ICICI Lombard car insurance?
ICICI Lombard car insurance policy has a free look period of 15 days within which the customer can surrender the policy if he/she is not satisfied with the service of the company or the policy is not in accordance with the quote submitted before policy issuance. There would be no penalty for cancellation within the free look period. The free look period is also called as cooling off period.